Daily intel · the levels & walls board · declassified · updated 2026-11-06 08:02 UTC · auto-refresh every ~2 h
The price at which market makers collect the most at settlement while option buyers lose the most — for every expiry. Plus what no aggregator gives you: the walls of open contracts and the market-maker breakeven corridor, read straight from the live crypto option chain. Real Deribit data — not guesses. Below — where the interest flowed over 24h ↓, and our verdict on these levels — every morning at 08:30 in @indiciadesk.
Max pain — the price at which, at settlement, market makers collect the most and holders of bought contracts get the least. Our public verification board shows: a clean “magnet” pull to this exact point is rare (3 of 34), but the anchor effect is real: near these zones price stalls and gets sticky more often than chance.
Walls — strikes with the largest number of open contracts: calls (right) — upside bets, puts (left) — protection and downside bets. Price often stalls near walls.
MM breakeven corridor (the highlighted zone) — a conditional, model-based range: while price stays inside it, the premium market makers collected still covers the payouts. A break outside = the machines are losing money — their own hedging starts to amplify the move, and that is where a correction can snowball into a crash, and a bounce into a vertical melt-up.
The current max pain for BTC is $80 000, based on 68 237 open interest contracts expiring 27 Nov 26. Spot is $75 504 — 5.6% below max pain. Snapshot 08:02 UTC, Deribit option chain.
| date | max pain | MM breakeven | put wall | call wall | OI |
|---|---|---|---|---|---|
| 07 Nov 26 | 78 000 | 74 500–79 500 | 72 000 | 78 000 | 4 996 |
| 09 Nov 26 | 78 000 | 71 000–79 000 | 70 000 | 78 000 | 6 512 |
| 13 Nov 26 | 78 000 | 72 000–84 000 | 74 000 | 81 000 | 21 359 |
| 20 Nov 26 | 78 000 | 70 000–85 000 | 72 000 | 85 000 | 4 952 |
| 27 Nov 26 | ••• | ••• | ••• | ••• | ••• |
| 25 Dec 26 | ••• | ••• | ••• | ••• | ••• |
| 29 Jan 27 | ••• | ••• | ••• | ••• | ••• |
| 26 Mar 27 | ••• | ••• | ••• | ••• | ••• |
| 25 Jun 27 | ••• | ••• | ••• | ••• | ••• |
| 24 Sep 27 | ••• | ••• | ••• | ••• | ••• |
The current max pain for ETH is $2 450, based on 232 977 open interest contracts expiring 27 Nov 26. Spot is $2 225 — 9.2% below max pain. Snapshot 08:02 UTC, Deribit option chain.
| date | max pain | MM breakeven | put wall | call wall | OI |
|---|---|---|---|---|---|
| 07 Nov 26 | 2 340 | 2 180–2 420 | 1 900 | 2 340 | 20 109 |
| 08 Nov 26 | 2 320 | 2 180–2 500 | 2 100 | 2 600 | 14 056 |
| 09 Nov 26 | 2 300 | 2 150–2 500 | 2 000 | 2 800 | 13 050 |
| 13 Nov 26 | 2 300 | 2 050–2 550 | 2 000 | 2 500 | 114 103 |
| 20 Nov 26 | ••• | ••• | ••• | ••• | ••• |
| 27 Nov 26 | ••• | ••• | ••• | ••• | ••• |
| 25 Dec 26 | ••• | ••• | ••• | ••• | ••• |
| 29 Jan 27 | ••• | ••• | ••• | ••• | ••• |
| 26 Mar 27 | ••• | ••• | ••• | ••• | ••• |
| 25 Jun 27 | ••• | ••• | ••• | ••• | ••• |
| 24 Sep 27 | ••• | ••• | ••• | ••• | ••• |
where big money moved its open positions — from our own hourly archive
📍 Now: biggest call inflow — 80k (+52 426 contracts) · puts — 68k (+18 933) · biggest outflow — 88k. Snapshot 2026-11-05 8:00 UTC.
How to read: bars up — an inflow of new positions at a strike over 24h, down — closures. Blue calls at strikes above spot = bets on an upside break; orange puts below — protection being built. A large inflow into a single strike = someone is building a position. Hover for exact contracts.
📍 Now: biggest call inflow — 2500 (+38 037 contracts) · puts — 2300 (+70 782). Snapshot 2026-11-05 8:00 UTC.
How to read: bars up — an inflow of new positions at a strike over 24h, down — closures. Blue calls at strikes above spot = bets on an upside break; orange puts below — protection being built. A large inflow into a single strike = someone is building a position. Hover for exact contracts.
📍 Now: BTC 0.65 (percentile 69 of history: middle of the range) · ETH 0.56 (percentile 77 of history: top of the range — the market is loaded with insurance).
How to read: how many downside insurances (puts) stand per one upside bet (call) in open positions — what is the put/call ratio. Above one — protection dominates; a sharp rise in the ratio = the market is buying insurance en masse, a sharp fall = greed. Hover for values on a date; the “Spot” buttons overlay price.
📊 Data — from Deribit (options) and Hyperliquid (futures). Both venues are our partners: signing up through our links gets you −10% / −4% off fees; it does not affect the analysis.
We compute max pain ourselves (coin-terms, the same algorithm as our public verification board — where the pure “magnet” hit only 3 times out of 34, while the anchor effect is confirmed). Walls = strikes with the largest open interest within ±28% of spot. A journal of the system’s decisions, not investment advice. © 2026 INDICIA DESK.